Australian Market Report Of March 31 Worries Over US Auto Sector
ABN Newswire - Wall Street plunged sharply overnight were fresh worries over the U.S. economy. The Obama Administration Warned That Could General Motors and Chrysler face bankruptcy. In addition To The Woes in auto makers, Treasury Secretary Timothy Geithner Said That Some over-the-weekend Banks Will Need From The Further aid government.
Yesterday the Australian share Fell On The Weaker outlook in Europe and U.S. Markets. The S & P/ASX200 index ended down 1.8% the Day, or 67.9 points at 3604.4, while the Broad All Ordinaries index lost 1.7%, or 61.4 points at 3554.2.
Key Economic Facts and Figures
Australian Treasurer Wayne Swan Said The Reserve Bank of Australia "still has room to cut and spleens Further Etablissement Australia's Monetary Policy Transmission Mechanisms continues to Be Far More Effective Than Almost Any Other Developed Country. Financial markets are expecting the central bank to make The modest interest rate cut was of 25 basis point RBA's next meeting in on April 7.
The RBA releases aussi financier aggregates data for February.
M & A News
OZ Minerals (ASX: OZL) IS Expected to unveil a revised structure in the Deal With China Minmetals as early as today. The New Proposals May The Prominent Hill mine exclude based on national security related concerns. The market Anticipated That Minmetals WAS Offering a low price as OZ's Most Valuable Asset Would not Be Put in Minmetals' shopping cart.
Tolhurst (ASX: TNL) Shareholders Have Agreed to a Merger Of The Struggling With stockbroker Patersons Securities. Patersons re-opened for business yesterday after STI Merger With The Tolhurst stockbroking operation.
Important Corporate News
The national secretary of the Finance Sector Union, Leon Carter Warned That was conservative Analysis, "The jobs of processing up to 3000 and Other back office roles in Westpac (ASX: WBC) and St George Were at Risk After the merger of The Two Banks in December.
Macquarie Group (ASX: MQG) has Announced Changes to remuneration scheme icts That Reduces high-level Employees' cash compensation. Macquarie puts Will The reduction in cash compensation With shares. The exchange rate affects 300 of The Bank's senior executive employed Including The directors and chief executive Nicholas Moore.
Agricultural chemical maker Nufarm Ltd (ASX: NUF) has a Reported net profit rise of 84 per one hundred in The First Half ended January 31, and says demand In The Second Half Will Be strong. Nufarm Said first half net profit Before Was A "significant items $ 65,129 million, up from A $ 35.364 million In The Prior Corresponding Period.
Optus' parent company Singapore Telecommunications Ltd (ASX: SGT) has Entered Into With year agreement for credit facilities of banks S1.08 $ one billion to refinance Existing facilities and for general working capital purposes.
